The NBU will adopt a draft resolution of the Board of Directors “On Approval of the Regulation on Disclosure of Information to Consumers about an Insurance Intermediary and the Procedure for Selling an Insurance Product as an Additional Product to Other Non-Insurance Goods, Works, or Services and Amendments to Certain Regulatory Acts of the National Bank of Ukraine” (hereinafter – the draft).
The draft law was developed to provide consumers with the necessary information about the insurance intermediary before entering into an insurance contract and to limit the possibility of imposing an insurance contract on consumers.
The Draft Law establishes a number of requirements for disclosure of information about an insurance intermediary and the procedure for selling an insurance product as an additional product to other non-insurance goods, works or services, in particular:
- defines the list of information about the insurance intermediary that must be provided to the consumer before entering into an insurance contract;
- established the procedure for disclosure of information by insurance intermediaries about their activities depending on whether they have their own website;
- the procedure for selling an insurance product as an additional product to other goods, works or services that are not insurance is defined.
The draft law also provides for amendments to the Regulation on Disclosure of Information and Placement of an Information Document on a Standard Insurance Product on the Websites of Insurers and Insurance Intermediaries, approved by Resolution No. 174 of the Board of the National Bank of Ukraine dated December 20, 2023. Namely:
- sets out requirements for the procedure for disclosing information about an insurance product that is not standard and the procedure for disclosing information about an insurance product by insurance intermediaries that do not have their own website;
- defines the list of information to be received by a consumer under the insurance product of compulsory insurance of civil liability of owners of land vehicles prior to entering into an insurance contract.
The requirements of the Draft Law will establish the minimum amount of information about the insurance intermediary provided to the consumer before the conclusion of the insurance contract, the procedure for selling an insurance product that is additional to other goods, works or services, and clarify the requirements for disclosure of information about the insurance product and the insurer